HomeMy WebLinkAbout2015/05/04 - ADMIN - Minutes - Economic Development Authority - RegularfffSt. Louis Park OFFICIAL MINUTES
MINNESOTA ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
MAY 4, 2015
1. Call to Order
President Mavity called the meeting to order at 7:25 p.m.
Commissioners present: President Anne Mavity, Tim Brausen, Steve Hallfin, Jeff Jacobs, Gregg
Lindberg, Susan Sanger, and Jake Spano.
Commissioners absent: None.
Staff present: Executive Director (Mr. Hannening), Economic Development Coordinator (Mr.
Hunt), and Recording Secretary (Ms. Hughes).
2. Roll Call
3. Approval of Minutes
3a. Economic Development Authority Meeting Minutes April 20, 2015
The minutes were approved as presented.
4. Approval of Agenda
The agenda was approved as presented.
5. Reports
5a. Approval of EDA Disbursements
It was moved by Commissioner Spano, seconded by Commissioner Brausen, to accept for
filing EDA Disbursements for the period March 28, 2015, through April 24, 2015.
The motion passed 7-0.
6. Old Business - None
7. New Business
7a. Assignment & Assumption of Redevelopment Contract — Central Park West,
LLC, and RISLP, LLC (TPI Hospitality). Resolution No. 15-06.
Mr. Hunt presented the staff report and explained that two weeks ago the EDA and City
Council approved an Assignment and Assumption of the Redevelopment Contract for the
Phase III hotel property at The West End between Central Park West, LLC (CPW) and
Regalia Suites, LLC, He stated that subsequent to that meeting, staff was informed that
CPW has chosen to convey the Phase III property to RISLP, LLC, an affiliate of TPI
Hospitality, the owner of the Hilton Homewood Suites. He advised that under the
proposed Assignment and Assumption of Redevelopment Contract, RISLP, LLC,
Economic Development Authority -2- May 4, 2015
assumes all financial obligations incurred by CPW under the Redevelopment Contract
related to Phase III..
It was moved by Commissioner Brausen, seconded by Commissioner Jacobs, to adopt
Resolution No. 15-06 Approving an Assignment and Assumption of Redevelopment
Contract between Central Park West, LLC, and RISLP, LLC.
The motion passed 7-0.
8. Communications - None
9. Adjournment
President Mavity adjourned the meetings 7:28 p.m.
President